Cryptocurrencies rally as strong US jobs data boost

A rally in cryptocurrencies was led by Bloomberg as investors turned to digital assets after robust US jobs data.

The largest criptocurrency by market value rose by 4% over the $24,000 mark in mid-morning trading in London, while Ether was up 3% at around $1,770. The sector was buoyed after the strong payrolls print suggested that the world s biggest economy may avoid a hard landing even though the Federal Reserve tightens aggressively.

Altcoins added to the sea of green, according to Bloomberg pricing data, with Solana's SOL, Polkadot's DOT and Avalanche's AVAX all gaining more than 3% in the past 24 hours.

Craig Erlam, Senior Markets Analyst at Oanda, said in notel to clients that the markets seems to have shrugged off Friday's shock much more quickly.

After a few hard months of trading, he said that it has its sights on $25,000. The recovery seemed to be losing steam during the last ascent in late July, and the momentum indicators will be fascinating. A prolonged bear market forcryptocurrencies has seen the price ofBitcoin lose 47% of its value this year, and it remains about 65% below the all-time high of $68,991 that it achieved in November last year. The market for cryptocurrencies has struggled to recover ground after a series of mini rallies this summer, because of a series of company bankruptcies and the failure of major decentralized finance project Terra.

The prices of Bitcoin and other cryptocurrencies have become increasingly affected by traditional market drivers like monetary policy despite the pitch to investors as a useful hedge against inflation. The S&P 500 and the Nasdaq 100 have a strong relationship with each other, with a correlation above 0.6 on Monday. A level of 1 would mean the two are trading in lock step, while 0 would mean they are not linked at all.

With another 75 basis-point rate hike next month, the favoured outcome, although a lot can change in that time, it could be a nervy couple of days for investors ahead of Wednesday's inflation report, Erlam said.

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